Latest news with #IslamicBanking
Zawya
41 minutes ago
- Business
- Zawya
Emirates Islamic delivers a record AED 2.2bln profit before tax in the first half of 2025
Emirates Islamic delivered a record AED 2.2 billion profit before tax in the first half of 2025, reflecting strong growth momentum. Total income rose 9% year-on-year to AED 2.9 billion, driven by continued expansion in both funded and non-funded income streams. Customer financing grew 13% to AED 80 billion, while customer deposits showed exceptional growth, rising 27% to AED 97.4 billion. Current and Savings Account balances now represent 65.5% of total deposits. These results highlight Emirates Islamic's position as one of the UAE's leading Islamic banks. Key Highlights – First Half 2025 Strong operating performance on higher funded income and non-funded income Total income up 9% y-o-y driven by higher funded and non-funded income Expenses increased 15% y-o-y reflecting continued investments to drive growth Impairment allowances credit at AED 136 million Operating profit improved 6% y-o-y Net profit increased to AED 1.863 billion, up by 12% Net profit margin healthy at 3.74% Strong capital and liquidity combined with a healthy deposit mix empowering the Bank to provide improved products to customers Total assets increased by 24% to AED 138 billion during first half of 2025 Customer financing at AED 80 billion, increased 13% during first half of 2025 Customer deposits at AED 97.4 billion, increased 27% during first half of 2025 with Current and Saving Account balances at 65.5% of deposits Credit Quality: Non-performing financing ratio at 2.8% with strong coverage ratio at 159.9% Capital: Common Equity Tier 1 ratio at 17.4% and Capital adequacy ratio at 18.5% reflect the bank's strong and stable capital position Headline Financing to Deposit ratio at 82% comfortably within the management's target range Hesham Abdulla Al Qassim, Chairman, Emirates Islamic said: Emirates Islamic has reported a record profit before tax of AED 2.2 billion for the first half of 2025, increasing 19% year-on-year. The net profit margin stands healthy at 3.74%, while operating profit improved by 6% year-on-year. Emirates Islamic continues to deliver strong results and accomplish its key objectives with an increasing focus on technology, new services and sustainability. We remain committed to strengthening our digital offerings to our individual, SME and corporate customers by consistently making strategic investments in technological solutions. With the UAE's economy continuing to be buoyant, Emirates Islamic is proud to play an integral part in the nation's growth story. The bank successfully issued a USD 750 million Senior Unsecured Sukuk in the first half of 2025, received positively by the regional and global investor community. This milestone emphasises the increasing recognition of Emirates Islamic among the global investor community as Islamic banking continues to see strong growth globally while delivering increasingly sophisticated products. Emirates Islamic is committed to ensuring the proceeds are used to help in the growth of the UAE economy. We recently partnered with Leonteq Securities AG to expand the bank's Shariah-compliant Wealth Management offerings and signed an agreement with DURAR OCTA to facilitate financial management for an upcoming luxury real estate project in Ras Al Khaimah. The bank has received due recognition for its performance and leadership in the Islamic banking sector by winning a number of prestigious global awards in the first half of 2025. At the Euromoney Islamic Finance Awards, the bank won the award for 'The World's Best Islamic Digital Bank' and seven other awards while at the Global Finance - Best Islamic Financial Institutions Awards the bank won the awards for 'Best Islamic Corporate Bank in the World' and 'Best Islamic Financial Institution in the UAE'. As a bank deeply rooted in the UAE, we are committed to the ongoing career growth of UAE Nationals at Emirates Islamic. With an Emiratisation rate of 42.3%, we continue with our efforts to attract and develop Emirati talent to become the future leaders of the country.' Farid AlMulla, Chief Executive Officer, Emirates Islamic said: Emirates Islamic's growth momentum continued in the first half of 2025, with total income at AED 2.9 billion, increasing by 9% year-on-year driven by higher funded and non-funded income. Total assets increased significantly by 24% to AED 138 billion during first half of 2025, while Customer Financing increased by 13% to AED 80 billion. Customer Deposits have shown remarkable growth, rising by 27% to AED 97.4 billion with Current and Saving Account balances at 65.5% of deposits. During the first six months of the year, the bank reinforced its ongoing commitment to community empowerment and financial inclusion through Islamic Banking by introducing the ALPHA Youth Account. The solution encourages parents to empower their children with essential financial literacy skills and introduce them to financial independence at an early age. Emirates Islamic strengthened its dedication to banking excellence and empowering SMEs, while contributing to the UAE's thriving business ecosystem, by launching the Business Banking Diamond Account, crafted for high-value SMEs. We continue to secure strategic partnerships that drive digital innovation to enhance customer experiences. Emirates Islamic recently partnered with the Sharjah Real Estate Registration Department to enhance the efficiency of real estate registration and financing procedures. Emirates Islamic recognises its workforce as a foundational pillar of success. The bank launched several specific initiatives for employees including the 'Let's Create Bankers Initiative' which supports learning, development, and growth of selected Emarati talent across the business; and the 'EI Ambassadors Programme' that focuses on collaboration between the bank and external partners for sustainability activities.' -Ends- About Emirates Islamic: Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is a leading Islamic financial institution in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Emirates Islamic offers a comprehensive range of Shariah-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 40 branches and 229 ATMs/CDMs across the UAE. In the fast-growing area of online and mobile banking, the bank is an innovator, being the first Islamic bank in the UAE to launch a mobile banking app and offer Apple Pay, as well as being the first Islamic bank in the world to launch Chat Banking services for customers via WhatsApp. Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. Emirates Islamic was recognized as 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024. The Bank was also named the 'Most Innovative Islamic Bank' at the prestigious Euromoney Islamic Finance Awards 2024. As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions. For further information please visit Or please contact: Amina Al Zarooni Media Relations Manager, Emirates Islamic Email: AminaAlZarooni@ Ibrahim Sowaidan SVP - Head - Group Corporate Affairs Emirates NBD Email: ibrahims@ Burson Dubai, UAE Email: ei@
Emirates 24/7
2 hours ago
- Business
- Emirates 24/7
Emirates Islamic delivers a record AED 2.2 billion profit before tax in the first half of 2025, driven by strong income and deposit growth
Emirates Islamic delivered a record AED 2.2 billion profit before tax in the first half of 2025, reflecting strong growth momentum. Total income rose 9% year-on-year to AED 2.9 billion, driven by continued expansion in both funded and non-funded income streams. Customer financing grew 13% to AED 80 billion, while customer deposits showed exceptional growth, rising 27% to AED 97.4 billion. Current and Savings Account balances now represent 65.5% of total deposits. These results highlight Emirates Islamic's position as one of the UAE's leading Islamic banks. Key Highlights – First Half 2025 - Strong operating performance on higher funded income and non-funded income • Total income up 9% y-o-y driven by higher funded and non-funded income • Expenses increased 15% y-o-y reflecting continued investments to drive growth • Impairment allowances credit at AED 136 million • Operating profit improved 6% y-o-y • Net profit increased to AED 1.863 billion, up by 12% • Net profit margin healthy at 3.74% - Strong capital and liquidity combined with a healthy deposit mix empowering the Bank to provide improved products to customers • Total assets increased by 24% to AED 138 billion during first half of 2025 • Customer financing at AED 80 billion, increased 13% during first half of 2025 • Customer deposits at AED 97.4 billion, increased 27% during first half of 2025 with Current and Saving Account balances at 65.5% of deposits • Credit Quality: Non-performing financing ratio at 2.8% with strong coverage ratio at 159.9% • Capital: Common Equity Tier 1 ratio at 17.4% and Capital adequacy ratio at 18.5% reflect the bank's strong and stable capital position • Headline Financing to Deposit ratio at 82% comfortably within the management's target range Hesham Abdulla Al Qassim, Chairman, Emirates Islamic said: • Emirates Islamic has reported a record profit before tax of AED 2.2 billion for the first half of 2025, increasing 19% year-on-year. The net profit margin stands healthy at 3.74%, while operating profit improved by 6% year-on-year. • Emirates Islamic continues to deliver strong results and accomplish its key objectives with an increasing focus on technology, new services and sustainability. We remain committed to strengthening our digital offerings to our individual, SME and corporate customers by consistently making strategic investments in technological solutions. • With the UAE's economy continuing to be buoyant, Emirates Islamic is proud to play an integral part in the nation's growth story. The bank successfully issued a USD 750 million Senior Unsecured Sukuk in the first half of 2025, received positively by the regional and global investor community. This milestone emphasises the increasing recognition of Emirates Islamic among the global investor community as Islamic banking continues to see strong growth globally while delivering increasingly sophisticated products. Emirates Islamic is committed to ensuring the proceeds are used to help in the growth of the UAE economy. • We recently partnered with Leonteq Securities AG to expand the bank's Shariah-compliant Wealth Management offerings and signed an agreement with DURAR OCTA to facilitate financial management for an upcoming luxury real estate project in Ras Al Khaimah. • The bank has received due recognition for its performance and leadership in the Islamic banking sector by winning a number of prestigious global awards in the first half of 2025. At the Euromoney Islamic Finance Awards, the bank won the award for 'The World's Best Islamic Digital Bank' and seven other awards while at the Global Finance - Best Islamic Financial Institutions Awards the bank won the awards for 'Best Islamic Corporate Bank in the World' and 'Best Islamic Financial Institution in the UAE'. • As a bank deeply rooted in the UAE, we are committed to the ongoing career growth of UAE Nationals at Emirates Islamic. With an Emiratisation rate of 42.3%, we continue with our efforts to attract and develop Emirati talent to become the future leaders of the country.' Farid AlMulla, Chief Executive Officer, Emirates Islamic said: • Emirates Islamic's growth momentum continued in the first half of 2025, with total income at AED 2.9 billion, increasing by 9% year-on-year driven by higher funded and non-funded income. • Total assets increased significantly by 24% to AED 138 billion during first half of 2025, while Customer Financing increased by 13% to AED 80 billion. Customer Deposits have shown remarkable growth, rising by 27% to AED 97.4 billion with Current and Saving Account balances at 65.5% of deposits. • During the first six months of the year, the bank reinforced its ongoing commitment to community empowerment and financial inclusion through Islamic Banking by introducing the ALPHA Youth Account. The solution encourages parents to empower their children with essential financial literacy skills and introduce them to financial independence at an early age. • Emirates Islamic strengthened its dedication to banking excellence and empowering SMEs, while contributing to the UAE's thriving business ecosystem, by launching the Business Banking Diamond Account, crafted for high-value SMEs. • We continue to secure strategic partnerships that drive digital innovation to enhance customer experiences. Emirates Islamic recently partnered with the Sharjah Real Estate Registration Department to enhance the efficiency of real estate registration and financing procedures. • Emirates Islamic recognises its workforce as a foundational pillar of success. The bank launched several specific initiatives for employees including the 'Let's Create Bankers Initiative' which supports learning, development, and growth of selected Emarati talent across the business; and the 'EI Ambassadors Programme' that focuses on collaboration between the bank and external partners for sustainability activities.'
Zawya
a day ago
- Business
- Zawya
Bank Nizwa strengthens the role of national talent in the Islamic banking sector
Muscat: Reaffirming its unwavering commitment to developing, supporting, and empowering Omani talent in line with Oman Vision 2040, Bank Nizwa – the leading and most trusted Islamic bank in the Sultanate – has announced the promotion of two distinguished national professionals, further strengthening its position as a key enabler of professional growth in the Islamic banking sector. Mr. Saif Abdullah Al Rawahi has been promoted to Deputy General Manager – Wholesale Banking, while Mr. Sabri Bahlaf has been appointed Assistant General Manager – Medium Corporate Banking. With a professional journey spanning over three decades, Mr. Saif Abdullah Al Rawahi has made significant contributions through leading transformative initiatives across key areas such as investment banking, treasury, financial institutions, project finance, and capital markets. Since joining Bank Nizwa in 2014, he has been a driving force behind the bank's growth and strategic direction. His leadership has shaped numerous high-impact projects, earning him a vital role on several of the bank's management sub-committees, including the Asset and Liability Committee (ALCO) and the Credit and Investment Committee (CIC). His enduring contribution reflects a deep commitment to progressive leadership, underpinned by a strong adherence to the principles of Islamic finance. With 18 years of experience, Mr. Sabri Bahlaf has earned recognition as a dynamic leader in corporate banking. At Bank Nizwa, he has effectively led a team of relationship managers, overseen a diverse portfolio, and played a key role on the bank's Internal Corporate Banking Credit Committee. His broad expertise spans credit risk assessment, syndicated financing, high-net-worth and SME banking, treasury sales, and trade finance. His promotion reflects not only his strategic leadership and deep industry acumen but also his dedication to advancing the bank's corporate banking agenda. On this occasion, Mr. Saif Abdullah Al Rawahi remarked: 'I am proud of the Board of Directors' trust and their continuous efforts to enhance the capabilities of the executive management team. Since joining Bank Nizwa in 2014, it has been a rewarding journey filled with dedicated efforts and collective achievements. I am truly honoured to assume the role of Deputy General Manager – Wholesale Banking. This promotion reflects the bank's ongoing commitment to recognizing and empowering local talent. These strategic advancements not only celebrate individual accomplishments but also reinforce our shared vision for the future – one shaped by skilled Omani leadership, innovation, and sustainable growth. With great confidence and a strong sense of responsibility, I step into this new chapter, drawing on a solid legacy of achievement and moving forward to support Bank Nizwa's aspirations and strategic goals.' In this context, Mr. Sabri Bahlaf said: "I am pleased with this important promotion in my career and grateful for the great trust Bank Nizwa has placed in me. This promotion will undoubtedly motivate me to exert even greater efforts to enhance the institution's reputation and lead it to new levels of innovation and excellence. My experience with Bank Nizwa has provided me with valuable expertise and insights, which I now look forward to leveraging as I lead our team towards achieving growth and distinction." These promotions embody Bank Nizwa's steadfast commitment to nurturing national talent and fostering a culture of excellence and innovation. Through strategic investment in its human capital, the bank continues to strengthen its position as a leading institution and plays a pivotal role in the development of the Islamic banking sector in the Sultanate of Oman. As Bank Nizwa continues its growth trajectory, it draws strength from the expertise, experience, and talent of its dedicated workforce. The bank remains firmly committed to empowering Omani professionals, unlocking their full potential, and positioning them at the heart of strategic decision-making – a vision that contributes to the broader progress of the nation.
Zawya
a day ago
- Business
- Zawya
Muzn Islamic Banking provides shari'ah-compliant credit cards with exclusive global benefits
Muscat: NBO Muzn Islamic Banking offers a diverse range of eco-friendly credit cards that combine sustainability, global privileges and full Shari'ah compliance, designed to meet the needs of a wide range of customer segments. Available in Gold, Platinum and Signature tiers, the cards are structured on Qardh Al Hasan principles and provide a host of premium services tailored for modern and responsible spending. Commenting on the offers, Salima Obaid Al Marzooqi, Assistant General Manager – Chief Islamic Banking Officer at NBO, said, "At Muzn Islamic Banking, we are continuously reimagining how Islamic finance can meet the evolving needs of our customers. Our credit card is not only based on ethical banking principles but also reflects our commitment to environmental sustainability. By integrating global lifestyle benefits with Shari'ah-compliant financial solutions, we provide customers with a seamless way to align their values with their everyday choices. This is yet another step forward in our mission to deliver innovation that honours tradition while serving the needs of a dynamic, conscientious market." The Gold Credit Card offers essential benefits including medical and travel assistance, car rental discounts and special hotel deals through and Agoda. Likewise, the Platinum Credit Card includes additional privileges such as airport lounge access, exclusive offers through the Xperience with Entertainer app and enhanced travel privileges. Going further, the Signature Credit Card combines all the features of the Platinum Credit Card and further includes multi-trip travel insurance, concierge and chauffeur services, airport transfers and premium benefits on international bookings and rentals. With these offers, Muzn Islamic Banking continues to expand its portfolio of purpose-driven products, offering customers choices that combine ethical finance with everyday convenience. For more information, visit or contact 24770001.
Zawya
2 days ago
- Business
- Zawya
Alrayan Bank reports a net profit of Qar 821mln for H1 2025
Net financing assets closed at QAR 112.1 billion and Deposits at QAR 110.7 billion representing a YOY increase of 3.4% and 1.6% respectively Cost to Income (efficiency) ratio 28.3% The Capital Adequacy ratio stood at 25.9% Doha: AlRayan Bank QPSC released today its consolidated financial statements for the six-month period ended 30 June 2025 with a Net Profit attributable to the equity holders of the bank of QAR 821 million. His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board commented: 'We continue to deliver strong performance across our operations in Qatar and overseas. The Group achieved its highest-ever total asset base, reaching QAR 176 billion as of 30 June 2025, an increase of 8.8% compared to 30 June 2024. During the first half of the year, financing assets grew by 3.4% year-on-year, driven by continued demand from both Corporate and retail clients. Investment securities also increased by 26% year-on-year, reflecting our continued focus on value-generating assets. We are also proud to have received distinguished recognition for our leadership and innovation. In Q2, the Bank was awarded ' Best Islamic Bank Qatar 2025 ' and ' Best Innovation in Retail Banking Qatar 2025 ' by International Banker. These accolades reaffirm our position as a market leader and highlight our unwavering commitment to digital excellence and customer-centric Sharia-compliant banking solutions'. Commenting on H1 financial performance, Omar Abdulrazaq Al Emadi, Acting Group Chief Executive Officer said: 'I am pleased to announce that the Group recorded a net profit of QAR 821 million for the first half of 2025, representing a 4.1% increase compared to the same period last year. This strong result reflects our solid fundamentals and continues focus on sustainable growth. We maintained a healthy efficiency ratio of 28.3%, despite the ongoing expansion of our digitalization & transformation strategy. This reflects our commitment to cost discipline while continuing to drive innovation across the Bank. In May 2025, AlRayan Bank successfully issued a USD 500 million 5-year Senior Unsecured RegS Sukuk which was oversubscribed more than 3 times, reflecting strong investor confidence and financial strength and creditworthiness of AlRayan Bank, backed by strong asset quality, liquidity, and capitalization. Our strategy continues to remain centered on building a future-ready, customer-focused, and Sharia-compliant financial institution that delivers lasting value to all stakeholders' Group Key Financial Highlights Financials - QAR million H1-2025 H1-2024 Change Total Asset 176,341 162,145 8.8% Financing assets 112,096 108,409 3.4% Investments securities 48,463 38,436 26.1% Deposits 110,667 108,935 1.6% Total equity 25,361 24,659 2.8% Net profit attributable to shareholders 821 789 4.1% Earnings Per Share (QAR) 0.088 0.085 4.1% Performance indicators H1-2025 H1-2024 Efficiency (%) Cost to Income 28.3% 26.2% Financing Quality Non-Performing Financing (QAR million) 6,309 6,641 NPF ratio (%) 5.38% 5.86% Capital Management (%) Capital adequacy ratio (CAR) 25.9% 23.7%
